Research Discussion Paper – RDP 2007-11 Global Imbalances and the Global Saving Glut – A Panel Data Assessment

Contents

• Introduction
• What are the Global Imbalances?
• Theoretical and Empirical Background
• Empirical Methodology and Data
• Results
• Implications for Regional Current Account Balances
• Sensitivity Analysis
• Conclusions
• Appendix A: Data
• Appendix B: Financial Crises
• Appendix C: Further Results
• References

We would like to thank Andrew Stone who contributed to the original ideas and early work for this paper. We would also like to thank Christopher Kent, David Orsmond, Adam Cagliarini, Malcolm Edey and David Vines for helpful comments, and Tim Callen and Mahnaz Hemmati at the International Monetary Fund for providing data. The views expressed herein are those of the authors and do not necessarily reflect those of the Reserve Bank of Australia.